Question 1

In the following expression,which is are)the dependent variables)?
PROFIT = REVENUE − EXPENSES

Accepted Answer

A) Profit 
B) Revenue 
C) Expenses 
D) b)and c) 
A) Profit 
B) Revenue 
C) Expenses 
D) b)and c)

Question 2

A road map is an example of

Accepted Answer

A) a mathematical model. 
B) a mental model. 
C) a physical model. 
D) a visual model. 
A) a mathematical model. 
B) a mental model. 
C) a physical model. 
D) a visual model.

Question 3

The notion that every problem is also an opportunity is reflected in the term

Accepted Answer

A) probortunity. 
B) formulation. 
C) simulation. 
D) business opportunity. 
A) probortunity. 
B) formulation. 
C) simulation. 
D) business opportunity.

Question 4

Better decision making due to using a modeling process is achieved due to

Accepted Answer

A) the interaction with the spreadsheet. 
B) the visualization of the system being studied. 
C) the insight gained through the process. 
D) the timeliness of the results obtained. 
A) the interaction with the spreadsheet. 
B) the visualization of the system being studied. 
C) the insight gained through the process. 
D) the timeliness of the results obtained.

Question 5

Why would someone wish to use a spreadsheet model?

Accepted Answer

A) To implement a computer model. 
B) Because spreadsheets are convenient. 
C) To analyze decision alternatives. 
D) All of these. 
A) To implement a computer model. 
B) Because spreadsheets are convenient. 
C) To analyze decision alternatives. 
D) All of these.

Question 6

The approaches presented in the textbook

Accepted Answer

A) are a subset of the total problem-solving process. 
B) cover the entire spectrum of decision support approaches. 
C) are exhaustive. 
D) are complementary. 
A) are a subset of the total problem-solving process. 
B) cover the entire spectrum of decision support approaches. 
C) are exhaustive. 
D) are complementary.

Question 7

In a model Y=fx1,x2),Y is called:

Accepted Answer

A) a dependent variable. 
B) an independent variable. 
C) a confounded variable. 
D) a convoluted variable. 
A) a dependent variable. 
B) an independent variable. 
C) a confounded variable. 
D) a convoluted variable.

Question 8

Chapter One discussed all of the following except:

Accepted Answer

A) how models of decision problems differ in a number of important characteristics. 
B) how spreadsheet modeling and analysis fit into the problem-solving process. 
C) how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action. 
D) how to implement a problem formulation as a spreadsheet model. 
A) how models of decision problems differ in a number of important characteristics. 
B) how spreadsheet modeling and analysis fit into the problem-solving process. 
C) how spreadsheet models of decision problems can be used to analyze the consequences of possible courses of action. 
D) how to implement a problem formulation as a spreadsheet model.

Question 9

In a model Y=fx1,x2),x1 is called:

Accepted Answer

A) an independent variable. 
B) a dependent variable. 
C) a confounded variable. 
D) a convoluted variable. 
A) an independent variable. 
B) a dependent variable. 
C) a confounded variable. 
D) a convoluted variable.

Question 10

A valid model:

Accepted Answer

A) accurately represents a decision problem being studied. 
B) produces an optimal solution. 
C) produces a good solution. 
D) produces a feasible solution. 
A) accurately represents a decision problem being studied. 
B) produces an optimal solution. 
C) produces a good solution. 
D) produces a feasible solution.

Question 11

Identifying the real problems faced by the decision maker

Accepted Answer

A) is not important since the decision maker has already defined the problem. 
B) requires insight,some imagination,time and a good bit of detective work. 
C) first requires a well-defined problem statement. 
D) will lead to developing the best model. 
A) is not important since the decision maker has already defined the problem. 
B) requires insight,some imagination,time and a good bit of detective work. 
C) first requires a well-defined problem statement. 
D) will lead to developing the best model.

Question 12

In a decision-making framework presented in Chapter One,the term "deserved success" refers to a situation when the following occur:

Accepted Answer

A) Good decision quality and good outcome quality. 
B) Good decision quality and bad outcome quality. 
C) Bad decision quality and good outcome quality. 
D) Bad decision quality and bad outcome quality. 
A) Good decision quality and good outcome quality. 
B) Good decision quality and bad outcome quality. 
C) Bad decision quality and good outcome quality. 
D) Bad decision quality and bad outcome quality.

Question 13

The categories of modeling techniques presented in this book include all of the following except:

Accepted Answer

A) descriptive models. 
B) predictive models. 
C) prescriptive models. 
D) preventive models. 
A) descriptive models. 
B) predictive models. 
C) prescriptive models. 
D) preventive models.

Question 14

In a decision-making framework presented in Chapter One,the term "bad luck" refers to a situation when the following occur:

Accepted Answer

A) Good decision quality and good outcome quality. 
B) Good decision quality and bad outcome quality. 
C) Bad decision quality and good outcome quality. 
D) Bad decision quality and bad outcome quality. 
A) Good decision quality and good outcome quality. 
B) Good decision quality and bad outcome quality. 
C) Bad decision quality and good outcome quality. 
D) Bad decision quality and bad outcome quality.

Question 15

All of the following are benefits of modeling except:

Accepted Answer

A) Modeling delivers needed information on a more timely basis. 
B) Modeling finds the right answers to incorrect or flawed problem statements. 
C) Modeling is helpful in examining things that would be impossible to do in reality. 
D) Modeling is less expensive than implementing several alternative solutions. 
A) Modeling delivers needed information on a more timely basis. 
B) Modeling finds the right answers to incorrect or flawed problem statements. 
C) Modeling is helpful in examining things that would be impossible to do in reality. 
D) Modeling is less expensive than implementing several alternative solutions.

Question 16

To illustrate how a complex system will be built,an engineer will likely use a

Accepted Answer

A) mathematical model. 
B) mental model. 
C) physical model. 
D) visual model. 
A) mathematical model. 
B) mental model. 
C) physical model. 
D) visual model.

Question 17

Business opportunities can be viewed and formulated as

Accepted Answer

A) decision problems. 
B) analytical models. 
C) empirical models. 
D) testing tools. 
A) decision problems. 
B) analytical models. 
C) empirical models. 
D) testing tools.

Question 18

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

Accepted Answer

A) Descriptive models 
B) Predictive models 
C) Prescriptive models 
D) Probabilistic models 
A) Descriptive models 
B) Predictive models 
C) Prescriptive models 
D) Probabilistic models

Question 19

Implementing solutions to problems involves people and change.Which of the following is a suggested approach to effectively implement solutions?

Accepted Answer

A) Decision-making authority centralized to those who have specialized training in decision making. 
B) Involve anyone affected by the decision in all steps of the problem-solving process. 
C) Making decisions according to majority vote. 
D) More skillful communication of management decisions. 
A) Decision-making authority centralized to those who have specialized training in decision making. 
B) Involve anyone affected by the decision in all steps of the problem-solving process. 
C) Making decisions according to majority vote. 
D) More skillful communication of management decisions.

Question 20

The main point brought forward in the Chapter One "The World of Business Analytics" case reading is:

Accepted Answer

A) At a cocktail party,it is more efficient to divide the dip into several bowls and place them around the room. 
B) Competitive rivalry between IS and OR/MS groups can be turned to advantage when tackling business process re-engineering projects. 
C) Information system analysts trained in management science can help turn ordinary information systems into money-saving decision-support systems. 
D) OR/MS professionals lack communication skills and tend to focus on "rigor without relevance". 
A) At a cocktail party,it is more efficient to divide the dip into several bowls and place them around the room. 
B) Competitive rivalry between IS and OR/MS groups can be turned to advantage when tackling business process re-engineering projects. 
C) Information system analysts trained in management science can help turn ordinary information systems into money-saving decision-support systems. 
D) OR/MS professionals lack communication skills and tend to focus on "rigor without relevance".

In the following expression,which is are)the dependent variables)? PROFIT = REVENUE − EXPENSES

A road map is an example of

The notion that every problem is also an opportunity is reflected in the term

Better decision making due to using a modeling process is achieved due to

Why would someone wish to use a spreadsheet model?

The approaches presented in the textbook

In a model Y=fx₁,x₂),Y is called:

Chapter One discussed all of the following except:

In a model Y=fx₁,x₂),x₁is called:

A valid model:

Identifying the real problems faced by the decision maker

In a decision-making framework presented in Chapter One,the term "deserved success" refers to a situation when the following occur:

The categories of modeling techniques presented in this book include all of the following except:

In a decision-making framework presented in Chapter One,the term "bad luck" refers to a situation when the following occur:

All of the following are benefits of modeling except:

To illustrate how a complex system will be built,an engineer will likely use a

Business opportunities can be viewed and formulated as

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

Implementing solutions to problems involves people and change.Which of the following is a suggested approach to effectively implement solutions?

The main point brought forward in the Chapter One "The World of Business Analytics" case reading is:

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

Filters

Exam 1: Introduction to Modeling and Decision Analysis

In the following expression,which is are)the dependent variables)? PROFIT = REVENUE − EXPENSES

A road map is an example of

The notion that every problem is also an opportunity is reflected in the term

Better decision making due to using a modeling process is achieved due to

Why would someone wish to use a spreadsheet model?

The approaches presented in the textbook

In a model Y=fx1,x2),Y is called:

Chapter One discussed all of the following except:

In a model Y=fx1,x2),x1 is called:

A valid model:

Identifying the real problems faced by the decision maker

In a decision-making framework presented in Chapter One,the term "deserved success" refers to a situation when the following occur:

The categories of modeling techniques presented in this book include all of the following except:

In a decision-making framework presented in Chapter One,the term "bad luck" refers to a situation when the following occur:

All of the following are benefits of modeling except:

To illustrate how a complex system will be built,an engineer will likely use a

Business opportunities can be viewed and formulated as

In which of the following categories of modeling techniques do the independent variables have unknown or uncertain values or coefficients?

Implementing solutions to problems involves people and change.Which of the following is a suggested approach to effectively implement solutions?

The main point brought forward in the Chapter One "The World of Business Analytics" case reading is:

Introduction to Optimization and Linear Programming

Modeling and Solving Lp Problems in a Spreadsheet

Sensitivity Analysis and the Simplex Method

Network Modeling

Integer Linear Programming

Goal Programming and Multiple Objective Optimization

Nonlinear Programming and Evolutionary Optimization

Regression Analysis

Data Mining

Time Series Forecasting

Introduction to Simulation Using Analytic Solver Platform

Queuing Theory

Decision Analysis

Project Management Online

Filters

In a model Y=fx₁,x₂),Y is called:

In a model Y=fx₁,x₂),x₁is called: